Colorado § 24-51-405 - Refund of the member contribution account.

§ 24-51-405. Refund of the member contribution account.

(1) Subject to portability, any member who terminates membership for any reason other than retirement or death may request a refund of all moneys credited to the member contribution account and payment of matching employer contributions if said member has not resumed membership. Upon request, a refund shall be made by the association within ninety days after the date of termination of employment covered by membership or the date the association received the refund request, whichever is later.

(2) A member contribution account shall not be refunded and matching employer contributions shall not be paid to such member for any reason other than termination of membership.

(3) Repealed.

(4) All rights of membership and any future benefits associated with a member contribution account and matching employer contributions are forfeited when a refund is made.

(5) Employer contributions made to the association are nonrefundable to an employer.

(6) Partial refunds are prohibited.

(7) The amount of matching employer contributions shall be determined pursuant to the provisions of section 24-51-408.

(8) An individual who refunded his or her member contribution account pursuant to this section and again commences membership on or after July 1, 2005, but before January 1, 2007, whether or not the individual purchases all or part of the period associated with the refunded member contribution account, shall have no rights associated with membership prior to July 1, 2005, except as mandated by federal law, and such individual shall not be considered to have been a member, inactive member, or retiree on June 30, 2005.

(9) An individual who refunded his or her member contribution account pursuant to this section and again commences membership on or after January 1, 2007, whether or not the individual purchases all or part of the period associated with the refunded member contribution account, shall not have any rights associated with membership prior to January 1, 2007, except as mandated by federal law, and such individual shall not be considered to have been a member, inactive member, or retiree on December 31, 2006.

(10) Subject to portability, the amount available to DPS members in the event of a refund shall be governed by section 24-51-1711.

Source: L. 87: Entire article R&RE, p. 1056, § 1, effective July 1. L. 91, 2nd Ex. Sess.: (3) repealed, p. 71, § 2, effective October 11. L. 95: Entire section amended, p. 552, § 2, effective July 1. L. 2006: (8) and (9) added, p. 1178, § 8, effective May 25. L. 2009: (1) amended and (10) added, (SB 09-282), ch. 288, p. 1340, § 19, effective January 1, 2010.

Editor's note: This section is similar to former §§ 24-51-109 and 24-51-611 as they existed prior to 1987.

ANNOTATION

Member ceasing state employment paid accumulated deductions upon demand. When any member of the association shall cease to be a state employee for any reason, he shall be paid on demand the full amount of the accumulated deductions standing to the credit of his individual account. Pub. Employees' Retirement Ass'n v. Johnson, 153 Colo. 239, 385 P.2d 415 (1963) (decided under former § 24-51-109 as it existed prior to the 1987 repeal and reenactment of this article).